Government to report on $1 trillion-plus deficit

Another $1 trillion budget deficit could give administration critics more to talk about just ahead of the November midterm election.

The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year.

The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 will total $1.29 trillion. That's down by $125 billion from the $1.4 trillion in 2009 - the highest deficit on record.

Soaring deficits have become a problem for Democrats in an election year focused on the weak economy. Republicans have tapped into voter angst over the deficits, using the $814 billion economic stimulus and $700 billion Wall Street bailout to paint President Barack Obama and his party as big spenders.